A former JPMorgan banker rejected a substantial settlement offer before filing a lawsuit alleging sexual assault by his former supervisor, according to court documents and reports.

Chirayu Rana, 35, filed suit against his former boss Lorna Hajdini, 37, alleging she sexually abused him using her position of power. The lawsuit claims Hajdini drugged him and demanded sexual relations during their working relationship.

Prior to the lawsuit becoming public, JPMorgan had offered Rana a $1 million settlement during private negotiations earlier this year, according to sources familiar with the matter. Rana declined the offer, choosing instead to pursue legal action.

The failed settlement talks preceded Rana's decision to file the bombshell lawsuit, which has since drawn significant public attention. The case represents one of the more unusual sexual harassment claims in the financial industry, with a male employee alleging abuse by a female supervisor.

Neither JPMorgan nor representatives for Rana immediately responded to requests for comment regarding the settlement discussions or the ongoing litigation. The case continues to proceed through the court system.